Ink Protocol And MakerDAO To Use Ink Pay For Dai Stablecoin Integration Into Payment Ecosystem
Earlier today, the Ink Pay started accepting payments made in Dai, a stablecoin that is backed by the US dollar. Dai is a product of MakerDAO, and has an established price that is consistent throughout.
According to the CEO of MajerDAO, Rune Christensen, the company aims to facilitate the mass adoption of digital currencies by providing a stable means of transacting between involved parties. He added that the integration of Dai into Ink Pay will streamline regular transactions on the blockchain network.
The Ink Protocol is a platform for peer-to-peer transactions and decentralized reputation. Ink Pay is a solution built on the Ink Protocol that eases the transfer of funds over the network. The partnership with Dai is yet any significant milestone towards the project's goal, which is make cryptocurrencies more accessible to the people. As a result, buyers will spends their funds freely without worrying that the value may increase overnight.
On the other hand, merchants will no longer have to immediately convert received cryptocurrency payments into Fiat currency before it becomes devalued. In this regard, Gee-Hwan Chuang, the CEO of Ink Protocol, said that the introduction of the Dai stablecoin will contribute massively to the mainstream acceptance of digital currency payments.
Similar to the integration with Ethereum, the Dai tokens will be automatically converted into XNK tokens using smart contracts on the Ink Protocol. Nevertheless, this conversion will not interfere with the end product, as both buyers and sellers will receive payments in Dai. In this case, the role of XNK is supporting and verifying Ink Protocol transactions.
Notably, both Dai and XNK are ERC20 tokens based on the Ethereum blockchain. Both tokens are listed on digital asset trading platforms.
About The Ink Protocol
The Ink Protocol is a blockchain platform that intends bring reputation to decentralized peer-to-peer payment networks.